Nigerian Law School : Corporate Law Practice, Wednesday, August 11, 2011 - Part 6 (Answers 3c - 3e)

QUESTION 3 (c)

   

FIRST CAPITAL AIRLINES LIMITED
12, Law School Road, Victoria Island, Lagos
08123566789,  firstcapital@yahoo.com 


SPECIAL RESOLUTION TO CONVERT FIRST CAPITAL AIRLINES LIMITED TO FIRST CAPITAL AIRLINES PLC Pursuant to Section 

At the General Meeting of the above-mentioned Company held on------------the------------ day  of----------- 20--------------- the following resolution was proposed and duly passed: 

That the Company be re-registered as a public company by the name of First Capital Airlines Plc and that the following consequential alterations be made to the Memorandum and Articles of Association of the Company.

Dated the ----------------- day of----------------- 20---------------------

Signed: 

Director----------------                               ------------------- Director/Secretary                                 
 


FIRST CAPITAL AIRLINES LIMITED
12, Law School Road, Victoria Island, Lagos
08123566789,  firstcapital@yahoo.com

  STATUTORY DECLARATION BY DIRECTOR & SECRETARY 

We, Gbenga Alaye and Betty Ogu, being Director & Secretary respectively of the the above-named company do hereby make oath and state that:


1.    On------------- at an EGM of the company, the company passed a special resolution to re-register the company as a public company by the name First Capital Airlines Plc   

2.    That the net asset of the company is N10 million, a sum not less than the aggregate of the paid up capital and the authorized reserves    

3.    we make this oath in good faith and in accordance with the Oaths Act.   
 
DEPONENTS:

Director ------------------                            ------------------- Secretary 

Sworn to at the Federal High Court Registry,  Abuja, this------------- day of --------------- 2011


QUESTION 3 (d):  

CHANGES IN THE MEMO after re-registration as a public company:    

a)    Change in the name clause to change it to PLC    

b)    Change in the status clause, to change it to public company     

c)    Change in the share capital clause, to change it to N5 million         

d)    Removal of the clause providing for written resolution

CHANGES IN THE ARTICLE:    

b)    Removal of restriction on transfer of shares    

c)    regulation on appointment of directors with respect to age requirement    

d)    requirement and special qualification for appointment of secretary of public company

QUESTION 3 (e): 
ANSWER: 

Procedure for change of name:
1)    BOD passes a resolution authorizing change of name
2)    Search for availability and reservation of the new name using Form CAC: 1 section (32(1));
3)    Pass a special resolution at General meeting effecting the change of name;
4)    Deliver the following documents to CAC within 15 days of passing the special resolution (see Regulation 24):            
         (i)    Duly signed copy of the special resolution
         (ii)    Application Letter to the CAC requesting its consent to the change of name
         (iii)    Original Certificate of Incorporation.
         (iv)    Form of approval of name
         (v)    Application signed by a director and the secretary stating reason for change of name
         (vi)    Updated annual returns
         (vii)    Filing fees    
         (viii)    Updated 553 where applicable
         (ix)    Memorandum and Articles of Association as altered to reflect the new name.


5)    CAC, if satisfied, will register the change of name and issue a new certificate of Incorporation to the coy (s. 31 (5) CAMA
 6)    STEPS TO BE TAKEN AFTER CHANGE OF NAME (Post-change of name Procedure)     

(i)    Alteration of company seal, certificates, Billboards, letter heads etc, to reflect the change    

(ii)    Memorandum and Articles issued after alteration to embody the alteration.     

(iii)    Advertisement of change of name in a daily newspaper circulating nationwide.     

(iv)     Advertisement of change of name in the Official Gazette of the Federation  (now the duty of CAC – see s.31 (7) CAMA)    
Note that change of name does not affect any rights or obligations of the coy nor any pending or contemplated suits by or against the coy (s. 31 (6) CAMA



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